SHANGHAI (Reuters) – China Evergrande Group on Friday confounded market expectations that it would formally default this weekend, supplying funds to pay interest on a U.S. dollar bond before the expiration of a 30-day grace period on Oct. 23.
Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, beginning 30-day grace periods for each.
While the developer does not have any more onshore or offshore bonds maturing this year, it still faces coupon payments on its offshore bonds totalling nearly $340 million between Nov. 1 and Dec. 28, on top of $195 million in outstanding missed payments.
Evergrande’s next payment deadline is Oct. 29 with the expiration of the 30-day grace period on its Sept. 29 coupon.
Following is a list of upcoming U.S. and Hong Kong dollar bond coupon payment due dates for Evergrande and its units from Nov. 1 through April 2022:
Bond Outstanding Next Next RIC
amount coupon coupon
date amount
Scenery $645 mln Nov. 6, $41.93
Journey 13% 2021 mln
Nov. 2022
Scenery $590 mln Nov. 6, $40.56
Journey 13.75% 2021 mln
Nov. 2023
China $1.34 bln Dec. 28, $50.43
Evergrande 2021 mln
7.5% June 2023
China $4.68 bln Dec. 28, $204.77
Evergrande 2021 mln
8.75% June
2025
China $1 bln Jan. 22, $57.5 mln
Evergrande 2022
11.5% Jan.
2023
China $1 bln Jan. 22, $60 mln
Evergrande 12% 2022
Jan. 2024
Scenery $2 bln Jan. 24, $115 mln
Journey 11.5% 2022
Oct. 2022
Scenery $2 bln Jan. 24, $120 mln
Journey 12% 2022
Oct. 2023
China HK$81 mln Feb. 14, HK$1.72
Evergrande 2022 mln
4.25% Feb.
2023
China $2.025 bln Mar. 23, $83.53
Evergrande 2022 mln (at
8.25% March maturity)
2022
China $1 bln Mar. 29, $47.5 mln
Evergrande 2022
9.5% March
2024
China $1.45 bln Apr. 11, $68.88
Evergrande 2022 mln (at
9.5% April maturity)
2022
China $850 mln Apr. 11, $42.5 mln
Evergrande 10% 2022
April 2023
China $700 mln Apr. 11, $36.75
Evergrande 2022 mln
10.5% April
2024
(Reporting by Andrew Galbraith; Editing by Sam Holmes, Kirsten Donovan)
